US Stock Market Losses Approach $10T Under Trump’s Second Term – Markets Extend Worst Two-Day Loss On Record

Wall Street is facing one of its worst stretches in history, with $9.6 trillion in market value erased since President Donald Trump began his second term in January.

According to Dow Jones Market Data, the past 48 hours alone have wiped out a record $5 trillion as a deepening trade war with China sends investors fleeing.

On Friday, major U.S. indexes opened sharply lower before staging a modest recovery late in the morning after Trump said Vietnam's leader wants to cut its tariffs to zero. Major equity indexes saw their losses deepen in Friday afternoon trade. 

The Dow Jones Industrial Average tumbled more than 1,900 points, bringing its decline since Thursday morning to over 3,000 points. Intel’s (INTC) stock was the biggest drag on the index, plunging nearly 12%.

The S&P 500 dropped 4.7%, with Micron Technology (MU) shares sliding 12.5%. The Nasdaq Composite fell 4.6%, putting it on the edge of bear-market territory.

The Russell 2000 declined another 4.4%, deepening losses after becoming the first major U.S. equity index to enter a bear market on Thursday.

Markets were rattled by China’s decision to impose 34% tariffs on all U.S. imports starting next Thursday, a direct response to Trump’s latest tariff package. Investors had been hopeful that negotiations would cool tensions, but Beijing’s move crushed those expectations.

Chinese companies' stocks were also among the top losers. Alibaba’s (BABA) stock slumped more than 11%, while Baidu’s (BIDU) stock fell around 10%, and JD.com (JD) was down 9%. 

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